President Bola Tinubu has approved the reconstitution and restructuring of the Governing Board of the FGN Power Company.
Presidential spokesman Ajuri Ngelale said the move is geared towards comprehensively modernising Nigeria’s electric power transmission grid under the Presidential Power Initiative (PPI).
The FGN Power Company is pivotal to implementing the accelerated performance agreement with Siemens Energy, a critical component of the Presidential Power Initiative to modernise the nation’s power transmission infrastructure.
Under the new structure, the Board of the FGN Power Company will be chaired by the Honourable Minister of Power.
The Vice-Chairmanship has been assigned to the Honourable Minister of Finance/
The reconstituted Board includes key stakeholders from various sectors, ensuring a well-rounded representation:
Honourable Minister of Power – Board Chairman, FGN Power Company
Honourable Minister of Finance – Board Vice-Chairman, FGN Power Company
Managing Director/CEO, FGN Power Company – Member
Director-General, Bureau for Public Enterprises – Member
Managing Director, Transmission Company of Nigeria (TCN) – Member
Distribution Companies’ Representative – Member
Generation Companies’ Representative – Member
President, Nigerian Society of Engineers (NSE) – Member
Simultaneously, the President has removed the Steering Committee from the governance framework of the FGN Power Company.
The Office of the Minister of Power will now exercise full oversight over the company.
Ngelale said President Tinubu expects that the streamlined structure will enhance organisational agility and efficiency, facilitating the seamless execution of the complete modernisation of Nigeria’s electric power transmission grid in collaboration with Siemens Energy.
According to him, the overarching goal is to deliver improved power infrastructure for the benefit of all Nigerians.
